Fed Is Data Dependent Now

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?FhmZ~,vʧ5v2]!rHZi2cQVҞr$撊+!GֵteQʋ ӰdMn63S?Wv*kjaNB' uUBzP@4Q@ P))sEqS4ԬёE&)(њe.ih34f$4҃HQM.hRfQE BLUDf ڽg>MdA~kƚ:haQߡi^*f/-.-6op+fI/k;RI95N=zt#ZM隡)"lkk-TmB]tnrR汜{KŠbksMrYiYE*+ :Yhqm-uvzj("*lPH1j"+N{Tb/PV-j#@ɼ`UYZݰ118Jz#N 5pөkge5]"k١lxzFA&$YhtȬܣcjwGJL߃U`Zrɒe7RrǙIUrԛX) CS\EqFhQ \h@\u(4Qqi*@(8DYNA _jYffcǩUbqϽ/#(R*Iyw.a C}AS'=#-Tc]ïhnxt݅+V?5dS"D%\5`S#: \C""W5gʶ\ *[6Eد+fac>2pׁG@*/`V5;v{Wt8IN+Iް$z,H~ M Z|/N)p;t:oApq=NGۡ,X i0E;Rb)RR@ E-!@.i(cRQH 2z]qQQ,$IH$4"њ~#񠡤144CKfqJ 0[Ԯccˁk<1,Vv:8jJDmah(lUV&BU$?* zq# zg7v{>j&IU TxD5 A&3QdjŔs!Chdܢ&YciB(Rq؇3S2+f)%Ȩ85=`ipR6' Y0#ucܖ<4{1_$j37؝W8_8z}(ɡYѭhmis}g4]!UxIX \w_>֚\!V>)FQYyUe rr0j+)[pAV@2+ 0g6[.zԁFUWʏۈoCM$ClyA#E _Zw㿕H0߽E:Cd 9Efǃ&\~P*2f#֬.$5\dj 9f 5dcU呃)kfGZ<wZpg4Ƌn1Y;MJRz,$Q&b4;QOh >M%;01@izm*{inE+ ,lSXR#B =daҰ\]^sFrP~v"&2WF+DNjqV$\MFbP1fhLtؚҏUY[@tk΍,҉%ZQFΓNe v5g`U%kGOVq{NpN{ ĎFjSVR0=Nd[^_0uݨZ\˖d8魞6ck%+=6ȬB jY3V{$ȥ8\+o:K;8Ry ަprksX2mIbtYZErၮG}iSa (h.G5/P+CĢ%901" ޒ@l̈́$B+r~ڈ+ @7h)4{Ңvgi+D`IR0Қ C,c8dX; ‚psjn5- M7u;90;T8JiUMbL(Q/Dھ%dA\ܮ._S6qiV-[qn)ii(QKILBBlh@ŚP=hF1Y1 V"vVr-iVdu q\5G<ՓzJM;W8$T7h+ aGmt'śFjHeȪRҐY8qd2sR 3U'%5!I%V8 D$gas Ա-"$$f5jl99t5b3ZJZ>4Ջh 3\z>ZE25UNKUr"+:H-_yĎGwv ,>1ԬfETKtd5V$$zQ)s:؅J$^(ĬxiO4;bǩzף(+#Uԟ3H>$ 2z}Im-|vݳYzoLDHKV%R {yq؄vBՐme/^4MA O3]FxiOՔҏ%7sJ+Ң=ou- ~Y]:<;V\E{.]70?X?5_yÌRiǭ(ӪuDJV7_bqK2i!A*^e=ڵW$ETxl퍃 Ң3by*3ڡV04\nHoœ#sM;1\kЪRA΢ݐTID?i T'52Tm};A]ÿcЯ}a#ݟn*Qj w8XgyTnip7ֽN|/ 9+?f=NHP$q& 6 8Nhǘ }Ce0X>Ӫ^7UOٿQcϖ\zl*^2jI YEUWۖ<lA{E|IYlvBV'fyO@hbI3$^}~jqA7jj Tfg* Ccʏ G 4ךP258MԞaI 95f:jԁH\Vh{R d Tr&ޥ$*4l⬂;q9In$u"( ?~1WIp92iy(?+k/OƵ UXp8csQu4#\Ql^s _E%(ż r.SFSZۍm =I(Is4܎pMsR ui7,rI|3~T[0Y3Էrgo=gH"BĒ@rZ4$_#6r9/څX5ĩ2ʮ컕HS̡#%qEs-ݴͺH$d1t+ӎ* ym E*t!PGzNӼ7MЬZΓ(:\}k{w4{57\aoUիl٬9Oi_˘W1 B>lc#8Ql6tVIy 89{WVռ?izsn t8#=:YHI5k`h#[,tRD{7,c \/$qʇ_Ӗ b+…%ɂIwp hw>AkJ{߉>ihWPʪY! pF_׺qsg{&<*pFr+tfӒl!PH#SWCi`&'5ѦB)9U~lJeAT A#*[E߈^.Lbx4K5y]YIj gYr+XօW?c_.n Sp#5X]gWW{[8Q:H y;=y5N69jN49&ҵ1c#nT]M^4ReMiꭷšb ;ij5Թgѷ%:OZ/b_&ItRI#Mݔ=)|^zFO=*c [j;66c֥4*/@*sqTWQMj#Z vϋqgB^j2//<1u⋱kf>WX~+M}m>XxXs8~٭.y x\"MZ U%sy䔟1?ξfB ֫Pc&>rIP_W6FUy,a}se6DOO 'Λટ ʑle8)5տ|%lًHϯ+jB &;%IúymV|Yw+C9_}R_cQfC>1[ @{?lZ~0̎/' 3P}דv|}RK.v|g1c~U+z\n>խ}}27L.Ϋ}8NWVݧ1?ҽO&4qiC!,ζ>x.Fd1I=;˸AoAj*⭔cVh? kzRm>~4}\[? >cU~4dCRAv[7{AMko6.Zpu?v)[ʗ@es՘4sތ 3w&;Ԏ< sL5&%zM %U! z6$+<cWحqj2j Wxh%YP`z1EI[9a)0$RzctYZ&ݩXs^lse qnb^1ܒypT5.L}MOqOfǐWbRPbԎ $2T*.ZMe9DeA0sVdbPE #XV`V4 Wz8"'H?/P6mjڲ҂9UBCX  {Td"5v|`_DqX[`.aZzeb\_sklnlf?V)rʄ**LIY<5ay@AEMɮ,-H%6+F`qq2u/{dZ43B ם|ȈK;UTd{WB\5$tQ>8>_<3jl*yht Lܪ$zcߊ +ᵊXQS=Au8o<㞚xk%O jB{ޱ4R\<ʫҶUSOv>-[MwBa,UUA }k5ֶ5Iiwq7d (3cW3+}oC\idHX˂#p82x7_|?k41@hgK2Xbl *s^m6yqss5&ã1F Uћ>4JtS啹=oǺu \OmHdvaXn-y8:a-w]:}FE698{V\ Oj$#7-Ч2+[xMk+'˓$ +aYVؘ[Rb}[mRxn-.vi0 C#)TttR)( .0KAW/dHԐڵlnwmf܄WS&~5kȮ7^ 3&Q$q\ +IEɷ*'L6[>g3#ܪO;@#t"+o_|Ʋ Fyԥ\,`U@YCrOmCpCPjF08IEYo\C+"]ڤ gWvOuT6a&l/[#o.9G~|ONyݏ5zjl7Ggk=&q 3GU؎}橙pi$z+[(Җ)뚒Z#Tni؞fn%TR͚{ҙ8R|$UJTNfBDv*5ZYոJEEٚ1bhꌴ͊ff8n;)sޕ̃u2qWcxRfD jҒ"h#8h˘F A8tKnpx1O&EQkBРd9[,z&U;CTɯZ9NdK͜Wgv$fF9ǽ81 XŠj?k t[΂MZ/p ]ɻpt't51?ʙ+RHCث,*QnMy$e]u o+GûbnU>bdM٩>ֵ4&dy@YՌe6^v2MCOr8l4%9F +:jnn#+Jo'k(j Hs8'#i-ۏ̊H5}N/*35sw6Q:}#ˍ?R s犿jKট VFC%ĈgOxt8?4^Uߋεy-ƙgV@nrq{g+rm*rvics5e@_\w9+6]VcndzRki!-NL.izO.qPȏ ]WOk6Q o鈴SɡCnۣ[=Bg.T>G<%5ϩ'6Dl.zn ƿlﹱGJ6\nR3Y+;MsJU9קIRލ//iAǁ|5qE䈑 H@Yګ_Y_sI!l^wWfXg}5vGsJQ1ꚭv~s1ʺq+ fx d[)21Xڏ-5+ Yn2jQ9rЌT4ITn/v*1vW}z֬mu rʬ lf?:}t?7|B,CQeF: wJvnZОBH8^G5Qj`?/& <{!>8?LW[_PUEžb'ǠL{=Pq E*2VZto ֗[DL 0Ak0|6DGTUD:3k$FpA[B/A\'i Y2r6K5ejmPʹZ扒v=`h?2¸59jo%j䶓qLz\Ew?_"VCby}NQm}+Vj֋͐~+ͼCCisH:;~?ߥxU)eȑF{aQ9=~5BK6yT2[ * $WI@xh[Er7{dFر'ܚrÂZ1Ar6k$ҴCqL-7&nhm$-s.;j&$rxOZBj Fl bɓQ1IbncPn8\,H[ IYGZ{,I&# T[hu'9^RhBDH}KQea\] z<5+3KM*Tr= yG5 {#>1cE3[弑6!3XMvS[l9b>,F\1NkS@UJRr9˫MIȮh+6h61sNZ)t#!EGJai,T&8٬omG|צ.t$|8nM"[{E|IV 1 :^K qn~]O\M5,2l>xEFi +{wz>ьR<Ԍ!Ώ ]p@+&@t[0ێX h,{+aw⸢Z&op$5xo9'T{_y=v{ffUIP:U,9Y%%fSdẔ\}@nI ['ڎSשVLbq>ʚv盏kƢVw0+;O RojdpalEJH+@d~UDyr 3[Lۢ zV pZs»Dԁ#4&"N].8UA*M{9Gu:)Y27ܽj9G5R K&-i]mn)eLgXcmaGWG~]`aTQCҶ-cF{I9k:T\ߺ)3t{RMׄ4k۩䉠iZ!mfAx ' Ml=u,-6[-1OțB7 `cOϡh*̯SMbûf<x[m* M<3' v>P{ªFBړ+tAr:ER,b(?T[J%Sו#Sչ G /'Y3Fl{ SfUU°d<vRTb=XHi;X~Yӏ+>[N3Umd5k+:|Kl*;7(k٣/iLɫ3.pMv_ thVb1v;v5\/s7F^+'˫mx\_->%t=^{c=޷p9U7Bd6|Ӄ&pze%7=vs-g20e$B#IqNx\\vpԜKI-6(|˃8$ry^89])T}}…ܒ(^jZB r9;X0 \\;WQ%:>?1UehIǯZծ2^۹JTS L⸬b?$-T`xҏ/'8RuҶp&i(cg|QJrY[qQIL&zV`>ZӬz/4Ei+RW幋M,H gRL9 +̵^]Bv==iu^MBr7,J.JO # u݂"kMaLUI,\k'j:J.7U\TO'Pk[8 ĠpJ9liG5ΖsZ1QiQh9/ v۫k,@{:ke|< W7nt>de+pϯbFZN$LQyaI ~=,ow*+g& [ܐX aSRwzb$k \ 2&qe4SY_yb 0R*5kZʹk!%sU$Vddx*WTe̓]OZQpn/t=@:y P 'a0Kv(ɭ 2-+M S-pl}ku(Iwxny.!'ry[R1VMWq^~~zWXɸ>zφR,ݔ1!^r p|ҔvһY3g83o ^!hrWw-;QOowʁ+5шWΊ2-GZu;y}Jm`8Kp:ک|=#.J nd\dm+b)8٣v֋"%WQ:eK̓!Ps\7$R$¤+gƳ݁ "QLHu5Ԡ9f-8 ,BAU:\Sҭ%+D˴ 5̓n uؖ'y$n#~CjS(C`@8N'vh_M ?5|Yƕ]R `ló~5REo_R{FrG?PiUA{k# {swqm#[9 uo9%<"Fۗ ["_|;oogUdH\Fkd:}p9?9~DMYWsݬ^cvUsNIrAjWsG'#/'4!MB&╁+vv6JMҪ[yQ+Pn-F$QR> FZJ}lIqި."XS*jjݔC/CWNҒL 45>&x9=p)G' U& rrAa] s hzV\ [eđ`t"9Ci$| Ȭli|Kr 0sZsTت'aKT}3 +3hx2ْ?0uBuSI XCdnS"⼀\5^|/^[O-o&ǑJ=>gh.ާֹ;bKO ڮr;V|> n1,9u HQ}:SM%Ǔvz=FCHQcUF+3.99EJζXW9!~%m\8,j3*ʌ~f9ztlb]brIO\js smFr[IAg쾦TA*"55g\Z{Q:DHTQկ-'kf$\#Ʊ)q oo{&q2O'HaX"\WI D+m}؂2# {⾍f\[mql2%:v@֭I- XO#'~j&!ԏpT1k,xT߃kuh`bzo~ SnXІU5'$ Rb+j)ۚc1J$y+E5p-ڂ6(2`2{mLJ) 5*BXpԋ =+FŦpq=`]މ9t})b@J]H c˳\OuW1jocYgy;t[S1C5eAq[pZ ՌzWTi% TM'Qȭ $)|sH `&jzC-+@4ݵPGzQpi\ $HP7nR)4u>tD+^L3S~2I,>Ţv z3V}jhF&Kd7N2JI#.Zffk`yw øaV?6y銷6D6D9(}ii bqU xHkd$M6y%{=UM/O[z%U/\ֻK]].c-FUm+GM_mſi#=+|b9t_Ǡ賧O/՜jb%)F=D9z3׮%>,n<’ Î U>!MVVV1J2su+7fؘa}W񞙣K{ak/ۨyyRĎ89>(Tغ @ ywW#Q*zrEszvމfe(<+Un/V(j3 x~`-ǟR Ӽ]knKx%3DJCI(m0+ECVZR·]ʌik_~U+mT |ǿJm ԼA,jI`s qj:gְo!f A5)J 'o㓜9MV_V }*LQJyJO$/Zm^wl|dԣ,$bǥnpkFYO/ɡ ~2~xf9eg;R($I'YΌqc8$w:vV\h5aTm=pEyaiBdHԯLg&$hw]߅~)ham>xc4 'ߠ檟>1Ь"kiDc+3 ӊ´&W]TbPzk76޿غgj\R ޹ ZgCOc'VXu?C!OMuQPRZ]x֥ʙ.Gfe;C9ڄX⑹gSɯH)k~IKoX.QDx!{߆"H|EyhJ2kUњƢ8Y+r@5acCSHtKQL5<.rpC$qE\׫q476wtGZbA 땃.m1?%'Z,T,B^TvJvFNYPxQS)`E0Ws6u9xRzf=;znVp8kczuUW) .k .49ȤbeqKLSޗ47M%)PRPպr eHH)Z4H4EcMJiʷje;ؒ;n?֖CTJZGQ7'-@85wTpWnEl\Dds^'_#W+PM E"q\ihXyFAS+Ue5UYW)ѵְm$ z~#Ҿ?y>^2!XxvtO]n(8zTAŷ!EZI2+pqzjjkfBi"*[֩WIQY[?Jgེ&S 6Q܁\\رj'sԺfOAY;iSZoaP$"/w/m8y]f,6n|s-dYΓHX~);M6sJ# ¿j-%}G犨2Y#7cB2ЗT$ {WmkCg8ĸVV|:קo:tgu:*Hl>WW;0qmlpZpnwEo[5TE[HvQ}`\O7||`gͥtd5SfxgZ-1ڤ䡒IT#;wppxq؊N=6I;+s&ϕ_axz5˱1^=)vblPEh@]VP̵KF2+ q[Q$S6-CqtXMU-ܚi9%>jBjUgT{{"z}*hKWIGxOEuڍ!/R;YpMB K-˾?٥8JqOC?5\\qZZ.'{ uO6H=ڽmuq`gs1Z֝Zri(*=|iZCā; 8`m_qȠvBbعR9Yz=w/! /Jvl#?b_3jIxi#.I KAie/oη/ga,iCMݸjS ,~Z=kq,##WƽUjB ONOZK}"޻/|[;=T|3Od~7f-߂:U1=EtCghVȳ;"\9uV> nd+UWexwD>-AHwDJx W\#^1K(OG}!?Ij+E6w[.\Lg_ +E+'6}2B~(K.Lw/xr<~$gD<=(| ḣXƋhȠ$]sZVҭ@6c݅Gz'Rݳ߅4bL0?j𦊺~we!H}G*B*{AVOҎj+h AlN𜶺ğپ  Z1~aQ>˧eJOzNKg65"=V-YE&x[eic}miڬa6/t,:ֵ(:Z]~Rkcϵ븰H/-"^c kHGG|˞3Z9u ;TwFW:a&+&KQ蚅x n̠FQ+WLS lH'ݜKil>lVugX.ҽj4Y˙BU\N/ZȋSOL+&N*eaO&D$H ɧ\8DJG=Љxk&ɸްWrN+¥3~9=jg&=֠2jmX8jENGՐ+  zQdqOSLbMR7[FvͣA#1CixmLDe9a?ca14|TtҒk>ckqpJUq*}u-_̫r$~&ߘXzJlxԗztRW)^,[mV>YJh5\ {giZO]k,- 9"X|fT1HUAaZUc(CD:_ey5@a`Ú7 +KNَJEcaYt1_L ÓPږ'}i 4&Y.ܲ9_Lt5޵M-.$I_NJ}#kf{(C4›FNVЭ(艜5<:,\%Mr71<{ O١dB3Tuh }wL)fRsw%h YU}[; l$<댕_W?!Ua@Eb_~оlY9Q]{;4Oh ؒNh Zu_:VE|=+k82ԴVL,qHl)m5hIm}ta{<ت-%vqu&ZAx~[a I[i88EͭjV7NuF y(KO2C_'irYϠj̷1q/<DE(8'Khv^ހ 6gnI%>y@.5Vq^FY}k!쪿h6]KC9MR2֒Py"$-D+%#Wo-B V.uy9FJk|E@`R? Α YM,Zf,@@μA_ScIȍ&?־Ϥ:l4EiTw1gNZ  5713^Ҫ;^nq>tĜsWKu+7˃Tȼt HM͸uQ䫓T2,XϻV ~aN[WL並ٱIE) -!u4C%+><ș{VW Z&S˜"p&n<ȈFlB9YKsG$ MzبH  Vx!}{TӁݲ{/SR7-V: y1B8lg@?gTCe$A'Vޑjlǫ F%'H\=[Crd{jj9l!;P 'PBMMHsYaS~1EAAe$P}t2ڬINMXݏ)1< 3-[:5gZEXۏ(-rN1 s_ݴV"yQᶷBvlbEST~f/qeuuYYt [D79% (p8Y|'j+[)2mZؓ|~5kGQg{Usd('9 zwGk'k]oVYHZ2 I,]p *I42xHa[OZK-Ԍd\#kN2H[' hZ%1 nU9O29$q]fsmlM=ݵ1xpGLО)5F|cмa -ڠRFv:+ )jOx?wcC}xT:FAKZͅV2O4m|JTnT$ű{Bm5Eeh:szU_ w7_rMx F$tvn8sTt5)uGM%d6@N+s&_º+Ե;A0#aZQd`#p:M#>۴ xϞ2]ڔvrge2A*e&օ)iQ`w4=j &TIP$Q\ը!+aN ?tR**'q>Wwv@e%b6$iVÊŔ7v KUZ4zj>)u`%V/HTSc5%1԰c~@)Rdۇ5(qJ3 !/YbbYSSks|x"/ףOl՞Q5Iۥ&8#ֽÚZ:WJ)8U\|F+kdMMgG<|qz=b([iVVH#b1޼*T·FWb$5'm\9` .i5e9ϯztIaQ@ ?qfWPPrRh$Y hׯ;֩#Ͻoڄ=Ha@ 5QB[p@5֠)yI~'5IEXbZ5r@uS~bF:3ŻA]ix;{%פPU[dc FVbCq\ lݠS`@N]+[)#[E#A)M4֨eH}T![ RjeUʎEޅOqLDZLfC޷ &T |!Ku>^йp} v1R(K8])Y°%pH=WV21_6/ju}XM-dIg' п ͩ2ɸ̋v4Qc,I,IiZ,*k2H9s]e+ĩ~)(e$dcs#y1|5ٽ9;kU}=ٙTwrn9',#W46RM*̜+S[ƙt;ͪL;mRB; ''qO4\6EGz t8rjUħWD-&47\iYzz ӽe-kqyjXE8{<Gⵯ|9XizܶsI}vcA"ʱĪKc9z#RN!m(E|O8ֽD'?OȚ;x-2HtE.dl2)9PB1\e5<rTD$i lc'pMHbt>mG[6`M9 _9WK#4s(u (uԊ VMyc|1][ij!]Vkg/*y11E)Xz$}"Zi:lW7 x&RzF*WNj\6k/\7Tc6F3bDAU?}pS*φ?{mWHӦC*I[`P;A ׼o@itOQކ"Is/ϴ)8ҷ̯'by_P<>mjU*xYD:695-;BТmoNAm$tHebUB*>Ƽx}t{x%E 7hx" \3b5bK8PHE''5:Nj}rn74koh:ڌד¦2[*`RAis+⤰=*43܎^PE^6G)Zc%@^aú?c:g%̈HBq7oMLX3-񏊭 7UU2Q,Tnlh?[jUos_@^XG2T̑Z3BӋ[HܶzqzΟjpO-q ߽.=NӏFxMWS7L;c F 祼Sܟ~kY*ԣ_#UE>($I#K3FFs<3|vl?cYZ$,/s)23 0q#H;5Tn6T_-p5KQb Vq0V&?ukcMg-XSNe;EhjZƶZYz&;T++#$<ֈi7WDb=q]>i<\R+ƌ𣞶 da]0ֵ$qrTS U<'c΅ˮ/m煏½ruLkY^t_z$r^cQR6s7$zs*y5y{y"8 qLeVj9)O(⫞ hRxIfG4:kR * VKakh+""2+qs!5'4965h6EZwz`nir*!֓bV׆t˕ecE`JZ1֨/Z_M, Zr4O@:cs+N؜^Na)CCׇm,8t[cUV>Ss?|)$^,;3XI>Ҫ1 +/HF1au>.?_>VY 8lwϥlFQ]-c*;B<K̐sxlfss3\dʹnTQ^6&D%FǪ©@xJ5HJHۙğӊJReѹ2|?ss/mJu4D?O+hϫxHfAmKp2Z30U}1^*gkgVr\V7i|Y_HrЌ2tNo¶&F& fPn A/6K{Bw9ugn?.k<<+{{`MojiU>#1'֬fzC`@\kչfB:u AI@9T SLN3Hhƨ 7(oh);`@iHiϾ@eFֶ|?^gs'sC~}Y,EIRWN|L豮ڥC}13y0'\Maht ņ,?( ľYdwU1tw4/q3M3B8$`x6\z4YK]oIi0/,bsޢk F 6aU ® cb aq-\%`vM#Br#bpyZ cݲ],O\#oA(A*O^2N{$~ܑ#IO+,@m9(WS]=bSI8~ۙD JCoqoZceV[%#C6J#%{P#\:Ĭ]~c BINW/i jݛ}Վ-|cQYY~a1r NpHk~OAws:5IEȩ0QFdl2K<__t1*c 3`7uzj9%1w`_Rs)ɻE[Os&. iKgsjm,Q`)_-Ld RD+? +[x~>8gyRybA;X'8h '2N$!0sN+v:KilBl^B7t 8֜fElφ3Mԗ6sNI..MO w=Gm",1A##+QƭrhMl=8ٟROeˏ9Œ9],j 3wM3Z;cZr"3 "2NO* nJ%m^;{y! #vl=+׵KD\jl=$kq$XpH>ڶo׷!os޻ j_ML'QtwIi2C)JɉG;=NMfxZԂɤ#,1n6[1~Ȳ)@FAScWK6gT!c}OAA]QIJNG[>{qpwB&z2Ur9UiV2mv4l& 35zH&O?ZΒI95LjΰMSkDjw=5~ =+ UKrK+/Rp08⸽ssWgp(]˽? }5"bsQOy#K4Kn!F8Mּ&e"~T-ju۸QZHBY-|JT)֧ O 3BqV ѡʌ%+٤#A\J^k;ME{g&xIHszם֔ۄsBЃ=V3z՘J{ҩ8--M*[- _9Gv C4ӖvsAPLd<D]n'(NL<9ݳک^}3)WPkByGMR t=(;tĵz{|b,W:^TV:gRJ֖ {AB+P9h=Whv(6~G$?ֶaNƦFx="T zʑpkH!Ϳy :W`[5|/ yܣRĹ4_5jڻ#N[0)&lTJvZ%iNZ q*MbP5z)*QU\ 7Bd)QAf<)y&42XVC"ȇFէg6@ְiV-G{w-G9uKMaFqǭq"Bʍ+5+FeBb^3'fϡmAntb>^MgW,ZfOBݹ5 um3S7B%ѷ9k[]í" LXgnk89J㉶1htzZjCjڼC) 4|7&:He+qwh&Sޝ]\E qG8e>Ԏ{cidZ۷o%׼L5m[D_5]Tm vF+hP`fNK[_)޸GE?Z_{ p?5IBӿ}L!^O}=_; sYYz~gxJTު$~m?J ,vmO~x&0Tdg'YMosv0pƀf^\kOQ컴.o#=#Gĭf.gw后hY>\ IxS0C,-,m^xƿY -sm+ rڰ8ŹkoKy}/՛TK0K!= }+2j_ 2_.?1- *}hίm7VmR=6[9c$<7s)yoEpI]0w>늝g+ݤ;M4Dt@{k`WB5'+Unc{2)w,m9,+JႦ-CX'TQkҙ ]𾇡ݦźʯ,!I8+gCx&Hfw/ioSGKnhO+jSsx5Nw)YԊOXJuԤW 5i\D9qYH83,l[nsXҵc8Z,IQpyZPi4(=(!QR7ZJ`$NzRi-4ө aAY|/ԪWɇ ;Nn^"Dijr"n@_ݽΙopϕУ X\ޛ1 G=5Z/%7Zbf35viq<|Qj=ޣw<.U kp鞴'ump|5\/XVL_bx*@PHg+zьNV` *zV'nv0u<^ ]FQ``|9oj?Ӌ4y0tRԪ= 7Zܓztvh7^flho\vKWsgeVRܝ1ԎzץG[HEroQdKhJ]$H93{mKZUY+Hz}-Iq-j2J4fFW3:w>;ѴŁYMcs͒09kYR+m-?/ҴIG%~N'!rPO˞]{R w:^eG)8IGJex!tI#neq^IewX6-_߭U)KsUgj֐JX d,w+ 0^Nu]&&8|y yS?* OQ^[u귱4S\M@'Z"by2u-U(4:mGwedPsĹn] UcxqUcei%n;o,It\~zՑxہFM_iRisMf6ӾĺCʭ;D#Hq=qV1k_֌Ǽ⢑]%u#>Axw&^ȱyL*]SUIXAd#`2_ҳ.=]jXx^%tU޼S{~/1_{9#[p/n絍`r&_=ě%^0>{͹47:2(mn:pZw? le/eF:-5 N_qMj(5nُ/qp_o<@ֆ IN Q%W°$KKslq :tiGO+521ֱF-5} -=| 4]_\'ЌՋx;·Zk ^I+)#:+,=oVج,-m#QJK3N,:gt=`'3F\mxrGCdռ?=iFKZ2}kݣ(V5I!\w Qn9$Տ4_ FA0-G 4 YkU,"HЎJ= {ׁt}i.QaqBl0 kS[2%Lƥqn۹+hʨ9 ec)?j[KfH k\',FWWMj'ݿ|tqҨO\ʁ<ͪ0mzͰ$bLOǶ%B"mW'xQ1w/A aa TH(pĖ99&i1=ksSjJ޺ҞՑzYmEfItެsWݹIJdѯ62!ެ7QaV㰓pM_8W ՝=9;8ϫ#G +on^K(Qޠ$94䍟CI$iUKfl?SvZZlj6>ZjSE`NFGjL L8 #pHR!T,U3Sg3 !!?9SEE`Wpڼ8JΠHceMcܶ^.5;e[CDDfӭl@yW[dfkFI5M얮z[!#Cڽr2#]\O#z즿T{fFtJmM n0R-yxSEl=q+Xw|d"Sֹ.- 抓Z-E9*+rLּYh.}<5MeTS\0vϠEYL/;WwxX)UnW5fm*Mh;>⍠E2:J;`"!$q^{*pPڼg]dՍ47%Jl; 29i1y52&kǕ$lr Jv54nMc!D.xm]MS\>f5It)!իcU5PVQܣ@6F T//\˚T脢HX p qH9nYIN+s麵g[`gnpմ'%a5ucxEI@TXVgT"Xu|}Il1t+𾍧iW[\\V=xk|d咻 EoOg׬I}ʲ.9x8O_!riD 9c&v ?k_HLF"|@iS;OS>'l@A]. B.i>~Ϧixz iC~{v?g.?x|sYn19%ALWW7R=.k*ȹrIdcjqڏxW:}J]乚CeOV>qbyL~5.mLњaEٷZW XfڬʸP"ph O@i\c4Ӆ) czS0$Zi'J)iƧڳG&@j(4i(CE(4QjF@:P: Hii(֐Ӛ@/S 0'j0y^6𿅮u%S]ͧ;E3R++wI TO*}LcHa¾Hn\jfֳvҽbM`F:GPk<{ L\R9lQ!Fk.{rv=MTrjhٺZ%c;XMH:Tʣ+%-ɩSpjY| 8:)ؤIx&1њbM6=GE]JqMҬI[s] :ؖɗZ41އts274rAy])rIHKZ z%x{y^t$7ot=5h֦W5%hh\epVtW j:yqZndؠ+Ԩ{':u|UqSZOy)H#,G^+ hdW9aoxsT؅E|4L[ZWlEt_a* |)^Fcg*TqDk hJ/H۲o4(b=/=dG-Gg\[$$^eLޡ#ӥZW:U[fdq]׻3o&fk{xZYf9-WiaLեZXN}dUc #ӥU)d)Xi4vMHbAH́K* v Y|T2bK15'vWBu 8J([ W'[$| ue#cNB0Jӵz`q硪W28'8B>[cQ95iQzдQ|\<߁Qyiwi4Z\M)00^Nv5@9Ym,4٠˚%P aYIUY6YjUJVBM/Uf+j"kZCf`W&)J@Zإq՘TSGJd֦ !N}j\X3[^dhir1PiZ88,gަVʧQ P]l#B +cS4NZR^Uж~\M( 5nU3\g^h& Xg szSnHFr0q9}mK-? !S OgF+]z3nF'Sŝ O {r#?է?v-0^G?ܲ?ˠjύufZ\$g3mBNkUQW!Ӛ3Mk3CsE*V"5|[>-fv\IG̒,k߭uZm0,F+ A28VxSƊ:KMzOq8YD\FmފTo%Z+.gsayh |q޲QDkN<ڜn(xeeuBy֥^79] 澁կVM^(IhՕzڼƓɠn%M2ylz'|$i q\/߷c׵wzͽ֏sLyhaa;XsŹIK:0Z@A?:h.)qTpg>ۃdPb1LIKn)HC %8cSJ }j֢ۛb4!TeJ=ùԁS.㑟v-|UƫtFM1FMS$|kR9F0kM-3~kܼ smgi$NkŬ"ā]ˍD{EQ)t;V:漋ƞ0W-$Uy.MS ,(۰W=@myx=GeN>n+ml!CW5kYdvlZA|氪l{σ<3imhb8;d[+t/Q#|zT<ɸ&*ҨtBQ7FS =q^c-NY޾"Ӯ,ٱduQ[ζ y vܿmLq9PVT-W@kv8ji^;d2e!M4MfPRKM5,T[U;nbj,c,*⠁{\;hD.s|q9#.+9J('<ԓ7Q ɫ[p*FECnlTp8!4 XիVé]t&%$K>u .mIe:EdEy- NXִ"|LWL$O),֜c(lk~]B`n'{F1CªqwG)?GM?tg#5 x.?q֧Au|E?f?doZ-+zr 3 V 38U<=c\ͣѦ5$siҽ?X2~V`'ˏj8)?iAm FsX<wiOy-A#ݹ$,E{ؠ)+E (guZ>AF^SMzQJ)mF?2edF 3Q^yt.d_F5P=EOg sKi)Ա*H4eF\>8e8ݏwg{4>; ,coY.QGaF0Z){oAFyI}M&WE`!*@(QO{&SҚHKj3@ )sHHiYTSdQޤ=E>D Em[zf6;EB*IcWD(Ɏ @a]D:eѢEGj2|@ oP{p$N~]I㰬*WË{"E CSp^O2bm3ȬKyB)%7tijt;}9`bSڹFˀNkkvzTبO 4F|JBȉ<%+ R>Q+!kY䱕Π"< P#?Z5?xY <jT!Zk*?* SR`>a,cxEiz͟ij>TT:bn4@q7nNURk]ryu4gNͻO@sI3 F NI9L7m;W K>BZǰ39bSF8bEҪn5n% +U6O ZƣVV9j&=h?^ H+"x-W"[ H(4Qۊ7e#Y0}+?C< s^iFHdr YxSOQpN:urgP|53Չ,6N^r_d;h"80@jFD1ޥ mժOd@$XTݧ!7c:\yc=,+4iOS1]T#i&]:SF*C}[fP5O/+#wfoq)ؤB9]5 Y|p^^qjݙ-ȼ#+1cR>׷dĚkF:8kY W "3+)*pAG$D&O |ҜcUfK-n6Te\ǂcRE֓J."\Z(O犧uFe=:{E/ݔ($M;NUSK,+s=IQ&@p?:\iA#'>ԜS2hhӓғaOd~t(?J3=M!Ҁ+z}+GE}Wϰ6RuuAyit^Y%;T|I rk[O6xkzF\#o$ϵv/UWT~4"9=CeΦs~yJՉgl Gɦ=VҙkZbg vԮ-krد0PV||S `W0ӣp$BU)E;[mLZԿ$idnE>I'4e4ىSb')R}!ܿ61y3Vos+V}' @m;RVVS¾7y^#p8!כoGB~5a]"'btG-s01C'" 4{? .>y"$qc>oϥGOsSWC((8"R`-QTEPER)QEUD)&ƹaS1֐IEUw)^YX]\n4IW5o%(SU:ri֖H6&;Qפ6&V]N=ܞ]dʉ[R9qfeEb]O1o3q,XD9X)J,*d]F/rjhHu=M_\05㰢bXnNq^mp'u'$^AH^|w]@XVi"J̭KK1\X8LRH,8SӨ zpaV #n^' g:fb'3IlUqR4qM /"ē=3IN ]\gf0Zt]iq4O/aUNMo)D ^-SOqL 8&&f׆V28W׾ԧ"+0*8|e AE}S]:6tc=vRrF▝LQqHiԄPh9b E.(p> V}E_WR>Q#`׫3MRRWyU}J/6edաC1S8EǸ-0 ?M2/MC0jͣE" (.P/8_Νn!#ߊ@IE;ktm> E8) QB;hbҀ)3@L%ڹ$3К+зTVɹ,0ĎqWn$(rk .ѓڲHn3z$uVޮ%ګSVnNlpVENB'>{wuܩW%⫉(+ ]`kI0qR̳HLˁ0] I+Xf pra5BP[#W#R皪i[?bnPRO\,4-=V E+.Ɋr'Jqf+~H)atC䊿=jO'&aMCezM^X1ڤXR4ldը$MGsK45⠚(\k9QVE(tҗcCi4W٥m--- AbSM8MQ@ZF

.)rRQ3Lh( IFi d7щB?JGQ}}qcZ<7+&⻨"Dgזo3Sfy7D}kJ͘.j<҃J;4f4X&i3E;4b|/whտ}אpz}(Mt%jǏIZiԢ$uֽ{+* OXc“Zs{VwPAW\_9_iRG5ͭwoʽSen}aq-'&Jsq_5SJsJۑRin {ݮPN=r݈n7cs0Iȏhǥ9]v.xNI`r8\FFE.P֩3԰=ҳ YꎏNdrrL $zt|rKlUmtӒbLLX]KTs~r\5'E7A-ۏ25 Q8]*-p+ȯS{x{8Ylb#Ug$T>s\[ajˀARiܤW]92hr5跫%|W} ʼny`S (U8ҨBqWMsI!M\ęrjϚNIDנݎRc8XZs*ⲦyS+&4*B{Uat}8)MGK\Qڐ[jMr]M&NZܡNKV~)`E.)1H(E(i SE yBXRv,٤Ƌ!5IԀjK W4)=N1QrM4q5fcNjʐ)%'bj;ON;rjF.jXDX w!SW'$)=hB-کGZmeOri C[~m$afƷRL^fO3Kx\& 'Etz5]tGJBqIJP6?g258su|sKPTti$ǚVUF/i,9QIڤɌ*WAaw0j%λDO9 4wV+~71rzVԊpBe` Aucg쑚tn 3Ti`8;V֋/zq]@G yȎ봃k(1\e ^eAA].f@Fm^t/RRv=jU*x$c=)鲮o,,Le[`֒Q=O0G*FyJ]ɬkH58bsTbʚTsWQ퐐8 g!]df" Sjmڶ$c7df74 !U)n1 ԅ3L3$v20aQkczUKkR6PE5ϩθi1Xr+3K Ԫr)\c` *!Rbf(:VPii(4ZCFh4&iM4E;aMSv*d4lS@$3SG9aR;dRЫ*EEZW)V$^(y1lEWN[DzР^R0D5b$p2E_?^*( U<Z`nGzY,i3WdW-&L*F0A֮OaXg᭼rhV*`#4ؿp_&BO>XU koڳ8l1B09%R4;A ]@:ʟsfXs,C-VkQ-j֪1g7WEU-{֠TMdA$TQY)W=A.TT wQPIKV9^w[H=SSdl" "䯡vcnhm՞@Wk6Fp)Ȉ³bc\`%@X,aNh\ь'oZ83.}w,G5Oi+`\۫?ҰRṬ׊HNzYжTR2Wٺ rJqFMBw1H /#kӭ'rɁhFzsCg5H[vrFq-[RxNXE.=:T;ϘqYʤj0uTZF#fFV{gbdb}>\3[z9'\gi(M8J+ڬS{T,ح%ԐQL$&Q)g*aRBf) EHk,ȭRcerJEX,IU{#`wy{N4T⬍)FsKi]JcZH;淧Sn[ke,-k[ȌJvOIbQTN+ۣWyu1.E]lOm#$֙Xx2Ѫ#ak9fihW3{P)0 VkRʹmex]\+^Gk5iYɬ89N)qL#diFЀu-%B4RRS IA4j[1њCSp )(IA 4ҖE7= J9YܢUQ857djecSGJ܊W'^'Lf rX=ixɤ&)FNJS zոץFVLI77 7rcK,qY1cɤ=_ x-Vb?=\Tޭ>U4څ˜jz~u o6zwn(O$PK+~H_njvM}M=9'O@T3ETaJu=VeWa1ES$(PpvܡD皎JZe@ޝEIFQbN@n)5y%,[ȮI)"܆T3VűRӭfMRAj}:i .;T-dJb'OHdW};Ax>"&X]KN<5|^m=<ғ+nV3 XAqٟ"lc{`"2H"(@?sz {R:bzp:S\1)(T H:9t0hrZ`VuKRh؁JMu4#j1/1=">(\YQPA/Iu(@ <-'ڊ(TKyqJ,򢊻XfCm=Փ[hnZg=pX*3֊*,,λZMInEQ"MMx{+p3(j36lFC.E9+3LpɕEJʼct28gUXWPZ^3@ĥ$pEɵ+4iw6xQ](.[՛NߞjQEzQZ쌜 PME3mCE)#|Gr٢[WSSQELFNf*QVIQҠqE)ќ(%`RbmTCIފ(()( QE&4ARB=T (݅DRq(@-ASDƸ֧E)EU: Warning: fopen(https://newsweekme.com/wp-content/uploads/2015/12/RTX1Z0PL-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

U.S. Federal Reserve Chairman Janet Yellen announced that the U.S. Federal Reserve had hiked interest rates for the first time in nearly a decade. REUTERS/Lucas Jackson

As Dollar Index remains within the same tight margin, it’s best to sit and watch

BY Nouraldin Al Hammoury

The U.S. Federal Reserve raised the Fed Fund Rate, (interest rate), by a quarter of a percentage point for the first time in nearly a decade this month. This ended a long debate regarding the economy’s ability to wither higher borrowing costs. The decision, which was taken unanimously by the council’s members, came in line with most market estimates. However, the Federal Reserve’s tone was mixed.

Though the Fed’s chief, Janet Yellen’s Q&A session presented assertive answers, giving the U.S. dollar a boost,  equities ‘rallied even’ with the rate hike as markets regarded such a decision as an act of confidence.

Going forward, the Federal Reserve kept the door open for two possibilities: Either cut the rates or further hike them in the future, based on economic developments.

The December 16 rate hike was much needed to give the Federal Reserve the flexibility to fight a current economic slowdown and the possible disinflation in 2016, especially with oil prices remaining under pressure.

Moreover, U.S. inflation expectations remain on the downside. Inflation expectations for one year is at its lowest at 2.55 percent.

Meanwhile, Yellen also said that the Federal Reserve may study negative rates later, but only if things go against the Fed’s expectations.

Going forward, the Fed is back to being data dependent.Traders, therefore, should anticipate a notable impact on economic figures.

The most important data to look for, from now on, are inflation and business-related figures.

It is worth noting that the ISM Manufacturing PMI posted its worst reading since 2009, showing a recessionary sign after dipping below the 50 barrier for the first time since 2012.

Core Inflation remains at its lowest level since 2011, while the Fed’s target is set at 2.0 percent.

Asian and European equities rallied high welcoming the first rate hike after almost a decade of zero rates.

In the meantime, the Dollar Index remains within the same tight margin. I believe that such a movement might continue until the end of 2015, while liquidity is likely to dry ahead of the holiday season. Therefore, it would be better to sit and watch for the time being.

From a technical point of view, the 100 threshold in the Dollar Index failed to stabilize above this resistance level in December.
A one-week close above that threshold would trigger another bull run. Otherwise, a profit taking might be ahead of us, especially that the 25bps rate hike will remain priced in the markets for the long run.

Social Streams

Comments

comments

Facebook Comments

Post a comment